The audited consolidated net profit of INVL Baltic Real Estate group amounted to EUR 2.74 million, the revenue was EUR 4 million for the period of 2024 (for 2023 – consolidated net profit was EUR 0.7 million, revenue was EUR 3.6 million).
The audited net profit of INVL Baltic Real Estate itself amounted to EUR 2.74 million in 2024 and EUR 0.7 million in 2023.
The annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information is additionally provided in pdf format as a copy of the published ESEF information.
Additional information:
The real estate investment company INVL Baltic Real Estate earned a consolidated net profit of EUR 2.74 million last year, 3.9 times more than in 2023 when it had a profit of EUR 0.7 million.
The value of INVL Baltic Real Estate’s investment properties grew 1.2% during the year to EUR 42.6 million at the end of 2024. The company’s consolidated equity at the end of 2024 was EUR 25.25 million. Equity per share was EUR 3.17 and increased 11.6% from a year earlier, also taking the dividends paid last year into account.
“The company’s properties under management demonstrated high occupancy and improving performance again last year. We’re delighted by our clients’ continuing loyalty and trust in INVL Baltic Real Estate as a reliable long-term partner. We will strive to further meet clients’ expectations and increase value for investors,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
Consolidated revenue increased 10% during 2024 to EUR 4 million, as rent income from the properties that INVL Baltic Real Estate owns grew 11% to EUR 2.5 million. The company’s consolidated net operating income from its properties amounted to EUR 2.8 million and was 14% larger than in 2023.
Of particular significance in 2024, according to Vytautas Bakšinskas, was development of the property at Vilniaus Street 37 in the Lithuanian capital. During the year, the company finished most repair and reconstruction works on the building, with final completion planned in the second quarter of 2025. Based on signed lease agreements, the property currently has an occupancy of 87%.
“Late last year we successfully completed the sale of a property holding in Latvia. That transaction had a positive impact of EUR 1.7 million on INVL Baltic Real Estate’s operating result. Design work for remodelling the Pramogų Bankas building also continued. Since obtaining a permit for major renovation work on that building in late August, we’ve continued working with a team of designers on remodelling and renovation plans,” the fund manager says.
For five years in a row, the company has maintained high occupancy and continually improved financial results at the office building that houses the Talent Garden Vilnius coworking space. The successful operations of Talent Garden Vilnius and lease agreements signed in previous periods for this facility at Palangos Street 4 / Vilniaus Street 33, boosted its net operating income by 13% year-on-year to EUR 1.7 million in 2024.
“Together with the design firm Viltekta, we’re currently finalizing the technical design for reconstruction of the buildings at the intersection of Palangos Street and Vilniaus Street. Above-ground space in the complex is planned to increase by about 3,600 square metres following the reconstruction,” Vytautas Bakšinskas notes.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the Pramogų bankas in the centre of Vilnius, and the 52-ha of land in Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 75% to 91% at the end of December 2024.
INVL Baltic Real Estate currently owns properties with a total area of 19,300 sq. m., the value of the real estate at the end of December 2024 was EUR 42.6 million.
Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The INVL Baltic Real Estate operates as a closed-ended investment company which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.
About INVL Asset Management
INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development.
We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or have under supervision more than EUR 1.6 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail [email protected]
Attachments
- Annual information_INVL Baltic Real Estate_2024
- BRE_factsheet_2024
- invlbalticrealestate-2024-12-31-en
- INVL Baltic Real Estate_Auditors report_2024
